Bitcoin Dips Below $90K as Eric Trump Says American Bitcoin Will Top GameStop’s BTC Holdings

The Bitcoin price edged down by a fraction in the past 24 hours to trade at $89,413 as of 7:49 p.m. EST, with trading volume surging 1.7% to $61.4 billion.

This fall comes as Eric Trump, co-founder of American Bitcoin Corp. (ABTC), boasted on social media that his Nasdaq-listed mining firm is now just 343 BTC away from overtaking GameStop’s corporate treasury. 

With 4,367 bitcoin in its coffers and fresh mining output flowing daily, ABTC is on pace to eclipse GameStop’s static 4,710 BTC holdings despite ABTC shares cratering 40% this week after a post-merger lockup expired. 

Trump insists he’s holding all his shares, calling the company’s fundamentals “virtually unmatched” as the race to become America’s top public bitcoin stacker intensifies.

The announcement shows the growing corporate race to adopt Bitcoin as a primary treasury asset. While GameStop recently pivoted to a Bitcoin accumulation strategy, ABTC aims to leverage its mining operations to aggressively expand its digital reserves and outpace competitors.

At the same time, speaking on FoxBusiness Shark Tank’s Kevin O’Leary predicts a massive influx of institutional capital into crypto, but warns it will be highly selective. “The big money is about to come in,” he stated, noting that major investors are finally ready to allocate funds.

However, O’Leary emphasized a strict focus on established assets: “No poo poo coins. Just Bitcoin & Ethereum.” He believes institutions will ignore speculative tokens and pour capital exclusively into the two market leaders.

Is BTC finally ready to rally back to its previous ATH?

Bitcoin Price Holds Above Key Support as Bulls Eye Relief Rally Toward $95K

The Bitcoin price traded at $89,413 on the 3-day chart on Dec. 6, hovering just above the 200-day SMA at $88,711, a level that has quickly become the most important line of defense for bulls after the sharp November sell-off.

The rebound from the 0.786 Fibonacci retracement at $85,688 shows buyers are attempting to form a local bottom, though momentum remains weak with the RSI at 34, still deep in bearish territory. 

BTC’s price is now consolidating between the 200-day SMA and the 0.618 Fib resistance at $94,362, setting up a breakout zone that could define Bitcoin’s next major direction.

The immediate upside target is the 0.618 Fib level at $94,362, aligned closely with the lower edge of the prior consolidation block highlighted on the chart. 

A close above this region could open the door for a push toward the $100,454 (0.5 Fib) level, and eventually the $106,547 (0.382 Fib) area if momentum strengthens.

Further upside would put the 50-day SMA at $109,741 back into play—marking the first major bullish trend reversal signal since mid-October.

If Bitcoin loses the 200-day SMA at $88,711, bearish pressure could accelerate, exposing the $85,688 (0.786 Fib) support once again. A breakdown below this level risks a deeper correction into the $74,639 macro support zone, the next major demand area on the chart.

BTC Failure At $88K Could Trigger Fresh Lows

A daily close beneath the psychologically important $88,000 mark would flash a bearish signal, likely opening a door to fresh selling pressure. 

In that scenario, the first major support test sits at $85,000, with a deeper correction toward the $75,000 zone coming into play if momentum accelerates lower.

On the flip side, bulls still have a clear path higher. A decisive push that reclaims $94,000 overhead would put the $100,000 milestone squarely back in sight for a short-term retest. 

Should buying volume surge on such a move, the door could swing open to $106,000 in relatively short order.